Create account for irregular, recurring bills? How?

Posted by Noozer on May 18, 2007, 11:11 pm

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I'm using Quicken GX 2005. I'm just starting to get is set up the way I
like. There is one thing that I'm not understanding though...

My electric bill, for example, comes in monthly, but never on the same date.
Because of this I can't set up a recurring bill. I could set up another
account in Quicken, but none of the account types take into consideration
bill accounts (unless you are a business).

When a statement comes in the mail, I want to enter the amount due into
Quicken, appearing at the billing date stated on the statement. Then, I will
do a transfer from my Chequing account to the bill account a day before the
bill is actually due, paying that balance (or partial balance) on that bill.
The payment will also be split to show the payment and any taxes and late
fees (if any).

Handling the bill like this should make reconciliation and reporting pretty
straightforward later on.

Am I going at this the wrong way? How should this be handled by Quicken?

Posted by John Pollard on May 19, 2007, 1:54 pm

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Noozer wrote:

> I'm using Quicken GX 2005. I'm just starting to get is

> set up the way I like. There is one thing that I'm not

> understanding though...

> My electric bill, for example, comes in monthly, but

> never on the same date. Because of this I can't set up a

> recurring bill.

I don't agree.

I get a couple of such bills each month, and I handle them with
Scheduled Transactions without problem. Just choose a date
that's close to the date of the bills (maybe the average due
date) and tell Quicken to remind you a few days before that due
date. When you have the actual bill and know the true due date,
and are ready to have the transaction in your register; click
Enter, change the due date, and enter the transaction in your
register.

You could also have Quicken enter the transaction automatically,
then modify the register transaction date when you got your bill
in the mail.

--
John Pollard
First initial underscore Last name at mchsi dot com
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Posted by Han on May 19, 2007, 4:03 pm

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@attbi_s22:

> Noozer wrote:

>> I'm using Quicken GX 2005. I'm just starting to get is

>> set up the way I like. There is one thing that I'm not

>> understanding though...

>> My electric bill, for example, comes in monthly, but

>> never on the same date. Because of this I can't set up a

>> recurring bill.

> I don't agree.

> I get a couple of such bills each month, and I handle them with

> Scheduled Transactions without problem. Just choose a date

> that's close to the date of the bills (maybe the average due

> date) and tell Quicken to remind you a few days before that due

> date. When you have the actual bill and know the true due date,

> and are ready to have the transaction in your register; click

> Enter, change the due date, and enter the transaction in your

> register.

> You could also have Quicken enter the transaction automatically,

> then modify the register transaction date when you got your bill

> in the mail.

John's last way is how I do these thins. In order to eliminate any
penalties for late payment, I authorized utilities to deduct the amounts
due automatically (usually happens on the due date, depending on the
company). This way I also save time and effort, as well as stamps. Your
way would wreak havoc if the mailing date would fall on a day you're out of
town.
--
Best regards
Han
email address is invalid

Posted by Noozer on May 19, 2007, 6:10 pm

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> When a statement comes in the mail, I want to enter the amount due into

> Quicken, appearing at the billing date stated on the statement. Then, I

> will do a transfer from my Chequing account to the bill account a day

> before the bill is actually due, paying that balance (or partial balance)

> on that bill. The payment will also be split to show the payment and any

> taxes and late fees (if any).

I really like the way that the scheduled transactions let you keep track of
your splits automatically, without having to recreate them for every
payment. Unfortunately, I need a way to track the billing dates and amounts
as well as the payments.

I guess I should clarify a bit more...

The wife is away on business for a few months. She's the one who pays the
bills. (She accesses the PC remotely)

What I want to do is...

- When the statement comes in, enter the billing date and amount into
Quicken.
- A few days later, my wife will look for the bill statements and then
schedule the payments.

So basically, I want to treat my bills like credit cards.

Posted by Noozer on May 19, 2007, 6:22 pm

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> The wife is away on business for a few months. She's the one who pays the

> bills. (She accesses the PC remotely)

> What I want to do is...

> - When the statement comes in, enter the billing date and amount into

> Quicken.

> - A few days later, my wife will look for the bill statements and then

> schedule the payments.

I also need to track balances if the amount is not paid in full.